Under the agreement, GE will collaborate with Devon on advancing innovations in three specific technology areas including:
· Artificial lift systems used for increasing the flow of liquids from production wells;
· Advanced drilling technologies to improve performance, reduce costs and reduce environmental impact;
· Water treatment and processing to reduce water use and better utilize water resources for unconventional oil and natural gas development.
Lorenzo Simonelli, President and CEO of GE, commented: "We aim to quickly deploy technologies that can improve the economics and operational performance of unconventional oil and gas projects throughout US and around the world as more countries seek to develop their oil and natural gas resources."
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